Wgu Management Accounting

Planning sets the foundation of an organization and is one of the most fundamental components of business operations. Resource planning provides business leaders with an opportunity to develop strong strategic decisions through clear direction, collecting and analyzing information, anticipating problems, and managing change. Additionally, resource planning involves the internal analysis within the organization and the external analysis of the industry and its competitive environment. Therefore, leaders must have access to accurate, high quality data from advanced information systems in order to make crucial decisions by comparing statistics with the economy, the market, and competitors, while considering risk. In fact, information transparency is one key to maintaining high data standards. Resource planning can minimize mistakes, while maximizing decision-making, however there are still barriers that inhibit the decision making process. The voluminous amount of quantitative data takes valuable time to evaluate and many business leaders are overcome with information and fail to interpret data accurately. Furthermore, decisions must be made on facts and failure to consider the long-term effects of a plan can …show more content…
Conducting a SWOT analysis in the business program showed this student that resource planning involves thinking critically before decision-making. A SWOT analysis is a valuable assessment tool to use in strategic planning, allowing organizations to build on their strengths, eliminating internal weaknesses, exploiting new opportunities, and neutralizing environmental threats. Consequently, business success depends on effective resource planning and implementing strategic decisions based on quantitative and qualitative